The US government is monitoring to see if China has effectively cut off exports of rare earth metals, AFP reported. China denied a New York Times report last week claiming it had halted some rare earth shipments to the US in retaliation for a US probe into Chinese subsidies for its clean technology sector. Japan has similarly complained that China has restricted shipments of rare earths. China has already cut rare earth exports by 5-10% per year since 2006 as demand has grown. The issue is provoking international concern as China currently controls 95% of global production. Germany has also expressed concern: Economy Minister Rainer Bruederle said Tuesday the market for rare earths needs to be regulated at an international level. A former WTO judge said China’s restraints on rare earth exports are not defensible because China did not include the resource in a list of specific raw materials it is allowed to safeguard in its accession agreement.
You must log in to post a comment.